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Buying Your First Texas Home: Programs That Can Help

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Buying your first home is a huge investment, and can be one of the most exciting and stressful times in your life. At Rocky Mountain Mortgage Company, we completely understand those feelings—after all, we’ve helped thousands of families buy their first home. 

However, we often see that potential homebuyers aren’t aware of the various programs offered by El Paso and the state of Texas designed to help them. With the city growing by the day, we thought we’d try to educate more people on the home-buying programs they could use for their first home. 

In this article, we’ll discuss in detail the various programs you can use to ease the stress and burden of your home-buying process. 

Texas Home Buying Programs 

The Texas Department of Housing and Community Affairs (TDHCA) has a whole suite of loan programs determined to help Texans buy homes, set good monthly payments, and educate themselves on homeownership. 

The “My First Texas Home” program offers 30-year, fixed-rate mortgages with DPA and closing cost assistance for first-time buyers, while “My Choice Texas Home” offers the same kind of loan and assistance for people who qualify based on factors like income. 

The Texas State Affordable Housing Corporation (TSAHC) provides 30 year fixed rate mortgage loans, down payment assistance grants and second liens, as well as mortgage interest tax credits 

“Homes for Texas Heroes Home Loan Program” for teachers, fire fighters and EMS personnel, police and correctional officers, and veterans. 

“Homes Sweet Texas Home Loan Program” for Texas home buyers with low and moderate incomes. 

Needless to say, this can help many people get over the hurdle of high initial costs and purchase the home that they want. 

For the full suite of homeownership programs, speak with one of our loan officers or visit the Texas Department of Housing and Community Affairs website. 

Mistakes First-Time Buyers Make 

Despite giving out as much information as we can, we inevitably come across individuals who simply make poor decisions in their home buying process. 

The stress of the home buying process comes from the potential dangers of getting it wrong, and boy can it go wrong

One of the worst mistakes we come across is people who buy a home when they already have massive amounts of debt. By adding in such a huge purchase, it can be severely detrimental to your finances, and may ultimately cause you to lose your home. 

Not getting the right loan or preparing for closing and moving costs are other huge mistakes that can leave some home buyers struggling to get their finances in order. Make sure you crunch the numbers before you finalize your purchase—the staff at Rocky Mountain will walk you through what you’ll need to know so you’re not blindsided by the costs. 

There are many more mistakes homebuyers make that we’ll touch on in future blogs, but one mistake you have no excuse for not using the government programs designed to help you! 

If you’re looking for your first home, use the programs available to have a much more manageable mortgage loan and home purchase process. 

Rocky Mountain Is El Paso’s Finest Mortgage Company 

If the process seems overwhelming, don’t worry—we’ve helped thousands of El Pasoans just like you. Contact us to get the info you need and the rates you deserve on your home loan! 

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Texas Mortgage Banker Consumer Disclosure: PURSUANT TO THE REQUIREMENTS OF SECTION 157.007 OF THE MORTGAGE BANKER REGISTRATION AND RESIDENTIAL MORTGAGE LOAN ORIGINATOR ACT, CHAPTER 157, TEXAS FINANCE CODE, YOU ARE HEREBY NOTIFIED OF THE FOLLOWING: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE, SIGN AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE DOWNLOADED AND PRINTED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB SITE AT WWW.SML.TEXAS.GOV.

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